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Olga, Quinee and Pam are partners in a business that buys and sells second hand cars. On December 31, 20YY, Pam decided to withdraw from
Olga, Quinee and Pam are partners in a business that buys and sells second hand cars. On December 31, 20YY, Pam decided to withdraw from the partnership. The partnership ledgers reflected the following capital balances for each partner at December 31, 20YY: Olga, P300,000; Quinee, P400,000 and Pam, P240,000. The partners allocate partnership income and loss in the ratio 20:30:50, respectively. Based on the foregoing data, journalize the withdrawal of Pam under each of the following independent cases: a. Pam sold her equity in the partnership to Olga, 40% and 60% to Quinee for a total payment of P300,000. b. Pam received P200,000 of the firm's cash and a P80,000, 10\% promissory note upon her withdrawal from the partnership. c. Pam was given P200,000 of the partnership assets upon her withdrawal. Assets given consist of Land, P150,000 and Inventories, P50,000
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